{"id":577238,"date":"2022-11-15T04:00:39","date_gmt":"2022-11-15T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/"},"modified":"2022-11-15T04:00:39","modified_gmt":"2022-11-15T04:00:39","slug":"its-lift-off-for-the-expat-car-for-fx-scheme","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/","title":{"rendered":"It\u2019s lift-off for the expat car-for-FX scheme"},"content":{"rendered":"

<\/a> Cabinet is out with the rules and regulations for the <\/strong>expat car import<\/a><\/strong>scheme<\/a><\/strong>:<\/strong> The Madbouly government launches incentives to get Egyptian expats to import cars with foreign-currency today, and yesterday released details of the rules and regulations for the scheme, according to two separate statements (here<\/a> and here<\/a>). The rules were published yesterday in the Official Gazette, triggering the start of the scheme, which President Abdel Fattah El Sisi signed into law<\/a> at the end of last month.<\/p>\n

How it works: <\/strong>The government will go live with an app dubbed \u201cSayarat masryeen bel khareg\u201d (Egyptian Cars from Abroad) \u2014 which doesn\u2019t appear to have landed on app stores just yet \u2014 which will automatically calculate the required USD payment for expats based on the car model they choose to import. Participants in the scheme will then need to pay the dues \u2014 which include customs fees, VAT, schedule tax, and development fees \u2014 in USD to a National Bank of Egypt account set up by the government before 28 February 2023. They should then submit proof of payment on the app, after which they will receive a letter approving the car import within a week. The rules also clarify that expats need only carry a residency permit abroad or a non-Egyptian passport to be eligible.<\/p>\n

REFRESHER- <\/strong>Under the law, expats will be able to bring cars into Egypt<\/a>, paying customs fees, VAT, and other taxes upfront in FX. They will then receive a full rebate on the dues in five years\u2019 time \u2014 paid in EGP at the USD-EGP exchange rate at that time and without interest. This comes as the state works to boost FX inflows into the country.<\/p>\n

Course correction: <\/strong>The government had originally said the scheme will pave the way for 300k-500k cars being imported<\/a>, drawing USD 2.5 bn in foreign currency in the process, but industry players we spoke with are skeptical, saying local demand for imported vehicles sits at around 120k a year. Officials started walking back the 300k-500k car estimate in appearances on Last Night\u2019s Talk Shows (below).<\/p>\n","protected":false},"excerpt":{"rendered":"

Cabinet is out with the rules and regulations for the expat car importscheme: The Madbouly government launches incentives to get Egyptian expats to import cars with foreign-currency today, and yesterday released details of the rules and regulations for the scheme, according to two separate statements (here and here). The rules were published yesterday in the […]<\/p>\n","protected":false},"author":1,"featured_media":577239,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7339],"tags":[144,72,6382,2234,6383,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-automotive","tag-enterpriseam","tag-expat-car-import-scheme","tag-foreign-exchange","tag-ministry-of-finance","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"d46b1f72-d632-41ab-bab8-364dacf0db4a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/234.jpg","photo_position":"above","related_issue":[577234],"teaser":"","voice_url":""},"yoast_head":"\nIt\u2019s lift-off for the expat car-for-FX scheme - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s lift-off for the expat car-for-FX scheme\" \/>\n<meta property=\"og:description\" content=\"Cabinet is out with the rules and regulations for the expat car importscheme: The Madbouly government launches incentives to get Egyptian expats to import cars with foreign-currency today, and yesterday released details of the rules and regulations for the scheme, according to two separate statements (here and here). 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Under the amendments, the scheme will be extended for another two months\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/House1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581987,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/28\/mps-give-initial-approval-to-extending-expat-car-import-scheme-for-2-months\/","url_meta":{"origin":577238,"position":1},"title":"MPs give initial approval to extending expat car import scheme for 2 months","author":"enterpriseam admin","date":"28 February 2023","format":false,"excerpt":"House gives initial nod to expat car import scheme extension: MPs have given preliminary approval to a proposal to extend the government\u2019s expat car import scheme by two months amid low participation. 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